Fri, 17 Sep 2021 | COMMERCIAL PROPERTY
A tenant or buyer is being sought for a 350,000 sq ft Argos distribution centre in Bridgwater, ahead of the site’s planned closure in early-to-mid 2022. Argos’s parent company Sainsbury’s has engaged real estate advisor Avison Young to bring the site on the Huntworth Business Park to market.
The distribution centre is hitting the market during a time of intense M&A activity in the UK’s logistics sector, driven by the boom in e-commerce and home delivery during the COVID-19 pandemic. According to Avison Young, there have been 162 transactions involving large grade-A warehouses (100,000 sq ft +) in the UK over the past year.
The centre, which is well-located at Junction 24 of the M5, is a fully-fitted cross-dock distribution facility and, at a total of 352,303 sq ft, is one of the South West’s largest distribution warehouses. The depot is being closed as a result of Sainsbury’s moving to integrate Argos’s distribution network with its own.
Paul Hobbs, Director at Avison Young’s Specialist National Industrial Team, said: “This asset will undoubtedly attract the attention of logistics and retail businesses who are responding to the demands of the last 18 months, and the continuing boom in home delivery requirements.”
“We are now looking for a buyer or occupying tenant who can take advantage of this fully-fitted warehouse, strategically situated to service the South West, located in an area with a local, ready workforce and close to Europe’s largest construction site at Hinkley Point C.”
Paul Hobbs added: “The last twelve months have seen challenges across all market sectors, but these changing conditions and a structural shift in how we are shopping have resulted in a continued demand for logistics and warehouse space across the UK. We are seeing record take-up this year within the sector with business confidence continuing to be robust.”
Hobbs described the auction for the Bridgwater site as “an excellent opportunity to engage in this active market.”
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